Bitcoin and the wider crypto market have experienced a surge as traders react to recent news involving former US President Donald Trump. The price of the flagship cryptocurrency has risen above $63,000, with altcoins also seeing similar gains. This increase comes after Trump received a boost from the dismissal of a criminal case related to classified documents. Additionally, cryptocurrencies saw a sharp rise following news of an assassination attempt on Trump on July 13.
The recent gains have led to a reversal in the decline of Trump-related meme coins, such as MAGA, STRUMP, and TREMP, which had rallied sharply on Sunday. These coins are now in the green and may see further growth as the crypto community turns bullish ahead of the US election.
In a significant development, U.S. District Judge Aileen Cannon dismissed Trump’s criminal case related to classified documents, citing a violation of the U.S. constitution due to the appointment of a special counsel. Trump had been accused of illegally holding onto classified documents at the end of his term in 2021. This decision follows a previous rejection of Trump’s motion to dismiss the case in March.
Analysts believe that recent events, including Trump surviving an assassination attempt and a Supreme Court ruling granting him immunity from prosecution for acts committed while president, have contributed to a bullish sentiment in the crypto market. Many see a potential Trump win as a positive outcome for crypto. Bitcoin spot ETFs have experienced consecutive net inflows during this “Trump pump,” with analysts at Coinbase predicting that a Trump victory could drive further growth in Bitcoin and crypto prices in the fourth quarter of this year and in 2025.